Bloom Energy to Accelerate Development of Market for Certified Low-Methane Natural Gas
Bloom Energy (NYSE: BE) has announced its initiative to convert its global natural gas fleet to certified low-leak natural gas, aiming to reduce harmful methane emissions. This collaboration with MiQ and Equitable Origin is designed to ensure that customers understand the importance of responsible natural gas sourcing. The initiative is projected to significantly impact climate goals by tackling the 84 million tons of methane emitted annually from the oil and gas sector. Bloom Energy plans to source certificates for reduced methane emissions starting in 2022, emphasizing its commitment to a zero-carbon future.
- Commitment to convert global fleet to certified low-leak natural gas to reduce methane emissions.
- Collaboration with MiQ and Equitable Origin to enhance sustainable gas practices.
- Potential to significantly impact climate change by addressing methane emissions contributing to global warming.
- Plans to source certificates for reduced methane emissions starting in 2022, showcasing proactive environmental initiatives.
- None.
Bloom Energy (NYSE: BE) today announced it will convert its entire global natural gas fleet to certified low-leak natural gas to prevent the release of harmful methane emissions stemming from upstream gas production. In addition, Bloom Energy and MiQ, a non-profit partnership between RMI and SYSTEMIQ, will collaborate to test and refine elements of the certified gas marketplace and educate Bloom Energy customers and other industry stakeholders on the importance of reducing the environmental impacts of natural gas production.
What Does it Mean to Source Gas Responsibly? (Graphic: Business Wire)
Certified natural gas differentiates gas production across a range of environmental, social and governance practices through a focus on verified methane performance and associated company practices. Methane is a powerful greenhouse gas, and leakages from the oil and gas industry contribute over 84 million tons of methane to global emissions each year. While progress has been made in recent decades to curb methane emissions, 75 percent of these emissions from oil and gas production can be technically eliminated today with little to no net cost. Achieving these reductions in methane emissions is the CO2 equivalent of replacing 60 percent of the world’s coal-fired power plants with zero-emissions generation.
Bloom Energy’s fuel cell projects are installed at more than 700 sites globally, and it counts many of the Fortune 100 companies as customers. By taking the lead to acquire certified gas on behalf of its customers, Bloom Energy hopes to ensure that leading commercial and industrial companies get early exposure to an important climate solution.
“The consensus among leading climate experts is unequivocally clear – we are at the precipice of a critical tipping point, and we all need to take action now,” said KR Sridhar, founder, chairman and chief executive officer, Bloom Energy. “It will take time for the energy industry to deliver low-cost, widely available renewable and zero carbon solutions that meet the world’s sizeable energy needs. Until then, adopting and promoting the use of certified natural gas is a simple, accessible, and actionable way to reduce harmful methane and carbon emissions now. It is the right thing to do – for our planet, for our customers, and for the whole industry. I challenge other gas consumers to join us by embracing a better and more responsible way of procuring natural gas and accelerating eco-friendly practices to be adopted by gas producers.”
As part of this initiative, Bloom Energy plans to leverage the work of two leading non-profit organizations, MiQ and Equitable Origin, which have built innovative standards and a joint registry system that transforms how natural gas is sourced. Bloom Energy has issued a Request for Proposals for MiQ and EO100™ natural gas certificates matching its customers’ fuel consumption, which is intended to positively impact the climate and support certified gas production both domestically and internationally. Bloom Energy is seeking certificates representing gas production jointly approved under both the MiQ Standard and the Equitable Origin EO100™ Standard for Responsible Energy Development, which together provide production assurance around a broad range of environmental, social and governance (ESG) criteria.
“Reducing methane emissions is no longer a choice, it is something we have to do if we are going to meet our climate goals,” said Georges Tijbosch, Senior Advisor, MiQ. “Innovative gas buyers like Bloom Energy are leading the way and demonstrating how market incentives can help us drive down emissions across the energy sector.”
Bloom Energy’s commitment to supply chain responsibility is just one of several steps it has taken to help transform the energy sector to bring affordable, low- to no- carbon energy solutions to market and enable a net-zero carbon future, including through its electrolyzer, hydrogen fuel cell technology and its biogas, marine, and carbon capture solutions.
Soledad Mills, chief executive officer, Equitable Origin, commented, “Producers seeking EO100™ certification are committed to achieving superior performance on many environmental, social and governance aspects and it is encouraging to see these efforts being rewarded in the marketplace by a company like Bloom Energy that is committed to responsible sourcing of natural gas.”
Bloom Energy intends to source certificates signifying reduced methane emission intensity and other social and environmental attributes beginning in 2022. As the market matures, Bloom Energy intends to support certification across the full value chain.
To learn more about certified gas and about Bloom Energy’s commitment to a zero-carbon future, visit: bloomenergy.com/applications/certified-gas/
About Bloom Energy Corporation:
Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s primary product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, expectations regarding the collaboration efforts between the two companies; expectations regarding market acceptance of certified low-leak natural gas and certifications; ability to positively impact the climate and support certified gas production both domestically and internationally; and expectations related timing of the certification program. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.
About MiQ:
MiQ has developed a universally applicable certification standard for credibly assessing the methane performance of natural gas production around the world. The standard is independent, third-party audited, quantitative, and graded across a sliding A-F scale based on three metrics: methane intensity, company practices, and methane detection technology deployment. MiQ's Certification scheme is designed to improve transparency surrounding methane emissions and provide the backbone for a level playing field across the global natural gas market. An MiQ Certificate represents the methane emissions performance attributes of a specified portion of natural gas. To prevent double-counting, MiQ maintains a registry of all MiQ Certificates from Issuance through to Retirement. Visit miq.org/certification for more information.
About Equitable Origin:
Equitable Origin is a non-profit organization that created the first market-based mechanism to recognize and reward responsible energy producers and to empower energy purchasers through independent, site-level certification. The EO100™ Standard for Responsible Energy Development is grounded in a set of comprehensive, globally applicable ESG performance targets developed with extensive stakeholder input. The EO100TM Standard includes five core principles: corporate governance and ethics; social impacts, human rights and community engagement; Indigenous Peoples’ rights; occupational health & safety and fair labor standards; and environmental impacts, biodiversity and climate change. Certification against the EO100™ Standard promotes best practices and drives improvements in ESG performance while enabling a market for differentiated energy production. To learn more visit energystandards.org.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005379/en/
FAQ
What is Bloom Energy's initiative regarding certified natural gas?
How will Bloom Energy reduce methane emissions?
When will Bloom Energy start sourcing certificates for reduced methane emissions?
What impact does methane have on climate change?
Who are Bloom Energy's partners in this initiative?
